Uganda’s Financial Intelligence Authority wants the government to come up with clear-cut crypto regulations. According to a report by Ugandan media outlet Daily Monitor on Monday, the FIA has asked the country’s finance ministry to develop a legal framework for cryptocurrency regulations in Uganda. Sydney Asubo, executive director of the FIA, made the call during
Regulation
Last week’s market-wide price crash caused central banks around the world to issue warnings about the risks of investing in cryptocurrencies. The Central Bank of Kuwait was no exception, and on Saturday, it issued a statement to warn the public about volatility in cryptocurrency markets. The Central Bank of Kuwait stated that crypto assets are
Russian lawmakers are reportedly weighing a partial reversal of the country’s ban on cryptocurrency payments. Pavel Krasheninnikov, chairman of the Russian Duma’s Committee on State Building and Legislation, announced that the government is considering amending civil law to allow crypto payments as a “contractual medium.” According to Interfax on Monday, Krasheninnikov noted that cryptocurrencies like
The Bank of Indonesia is one of the latest global central banks to announce state digital currency plans amid a major spike in the country’s digital payments. Governor Perry Warjiyo said Tuesday that Indonesia’s central bank is planning to launch a digital rupiah currency as a legal payment instrument in Indonesia, Reuters reports. The official
Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches a course on “Blockchain, Crypto and
As the debate surrounding crypto regulations heats up, tax professionals are taking a more cautious approach to deal with Bitcoin (BTC) and other earnings. The United States-based tax preparation service company H&R Block is looking for more precise regulations before handling their customers’ crypto holdings. Answering tax-related questions on CNBC, H&R Block CEO Jeff Jones
The Fed’s governor has argued that The United States must be at the forefront of developing a central bank-issued digital currency, or CBDC, to bolster the role of the U.S. dollar as a global reserve currency. In a May 24 announcement, Federal Reserve Governor Lael Brainard asserted that leading CBDC projects could have a “significant
The United States’ banking regulator, the Office of the Comptroller of the Currency, is set to review cryptocurrency-related rulemaking following Brian Brooks’ departure. Michael Hsu, the newly-appointed Acting Comptroller of the Currency, has requested a staff review of former OCC rulemaking regarding the crypto industry as part of his testimony before the House Financial Services
Minnesota Rep. Tom Emmer has reintroduced a bill aimed at preventing the IRS from imposing penalties or fees on crypto taxpayers with forked assets. In an announcement from Emmer on Monday, the congressperson from Minnesota said he had once again introduced the Safe Harbor for Taxpayers with Forked Assets bill in the United States House
Iranian Cyber Police have reportedly arrested Bridge Oracle CEO Sina Estavi, according to a tweet pinned to Estavi’s Twitter account. A rough translation of the tweet reads: “The owner of this account was arrested on charges of disrupting the economic system by order of Special Court for Economic Crimes. Official judicial authorities will provide additional
The United States Federal Deposit Insurance Corporation is looking for information and public comments on banks’ cryptocurrency-related activities. The FDIC is the major provider of deposit insurance to U.S. commercial and savings banks, originally created to address bank runs during the Great Depression. On Monday, the FDIC officially announced a request for public input to get
The Iranian government continues to closely monitor the cryptocurrency mining industry by initiating new measures against home crypto miners, according to a new report. Mostafa Rajabi, a spokesman for the Ministry of Energy of Iran, said that crypto mining with household electricity is not legal and thus, home miners will have to pay heavy fines
Just this week, Ether (ETH) breached the $4,000 mark while Bitcoin (BTC), the world’s most popular cryptocurrency, recently hit another all-time high at over $63,000. Meanwhile, Dogecoin (DOGE) continues its roller-coaster ride after “Dogefather” Elon Musk’s appearance on Saturday Night Live and news about digital artwork fetching eye-watering prices in the form of nonfungible tokens
There is often a perceived tension between regulation and innovation. A pervasive narrative has emerged that these two important parts of our society are at odds with each other. In reality, it’s when these two come together as partners that we can effect change and transform our world for the better. Nowhere is this more
The Bank of Korea reportedly has plans to maintain strict oversight on crypto trading activity via real-name bank accounts. According to a report by The Korea Herald on Thursday, the BOK is seeking authority under Article 87 of the country’s central bank Act, stating: “We plan to utilize our legal authority over requesting document submittal from
A tax authority in Argentina is reportedly looking to scrutinize operations involving cryptocurrencies like Bitcoin (BTC). Argentina’s Federal Administration of Public Income, or AFIP, has ordered domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations by users on their platforms, local news agency Buenos Aires Económico reports Tuesday. In